With an increase in data generation at individual level and at organizational level, the need for tools that can analyze these data has only increased. Deployment of analytics is becoming critical to a business and from performing simple tasks to sophisticated ones, they are relying extensively on analytics. It can even be said that, an increasing efficiency of tools and products specializing in data processing has resulted in growth of business analytics.

Either way around, there has been an extensive increase in the overall revenue generated by these companies, at an estimated $2.03 Billion annually and 23.8% of CAGR. India has also been making headways in analytics export in the form of various analytics services. With USA and UK being the major market for analytics export for India, its domestic market serves a total of 4% of analytics revenues.

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The analytics industry is growing for sure and Analytics India Magazine in association with AnalytixLabs brings the Analytics India Industry study 2017 covering all the aspects of the analytics industry. The study is a result of extensive primary and secondary research conducted over a duration of two months.

Geographies served-

In terms of geographies served, almost 60% of analytics revenues in India come from analytics exports to USA.

UK comes on a distant second at 8.4% of revenues.

India domestic market serves as a significant opportunity, with almost 4% of analytics revenues coming for Indian firms.

Sector Type-

In terms of Sector type, Finance & Banking continues to be the largest sector being served by analytics in India. Overall, 37% or $756 Million in revenues to analytics industry in India comes from Finance & Banking.

Marketing & advertising comes second at 26%, followed by E-commerce sector at 15% of analytics revenues in India.

In comparison to the last year, Pharma & Healthcare saw the biggest jump in analytics revenues, from $103MM to $137MM, a jump of 34%.

Finance & Banking saw an increase of 31% vis-à-vis last year.

Analytics Industry by Cities-

28% or $565 Million in market size for analytics industry comes from Delhi/ NCR. This is closely followed by Bengaluru at 27%.

The highest increase in year on year analytics revenues for an Indian city comes from Hyderabad, from $134MM in 2016 to $178 this year; an increase of 33%.

Analytics Professionals in India-

Work Experience-

The average work experience of analytics professionals in India is 7 years; up from 7.2 years from last year.

Around 12,000 freshers were added to analytics workforce in India this year; up from 8,500 freshers last year.

Almost 42% analytics professionals in India have a work experience less than 5 years, down from 46% last year.

Last year, analytics professionals with more than 10 years experience increased by more than 30,000.

Startups have significant contribution to overall output of analytics in India. Even though small in absolute term, the overall impact is increasing significantly with small to mid size organizations in India.

Conclusion-

The current situation of analytics industry presents positive picture as is suggested by the study. The numbers are suggestive of the fact that India is emerging as one of the top destinations for analytics with everything from analytics education to job opportunities showcasing satisfactory numbers.

The study suggested that, of the annual inflow to analytics industry, almost 12% can be attributed to advanced analytics, predictive modeling and data science. It also says that analytics industry is expected to almost double by 2020, which would mean an increased opportunity for professionals dwelling in this space.

The study overall is representative of a booming analytics industry in India and as the numbers suggests, it is expected to grow sizably in the future too.

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Srishti currently works as Sr. Content Strategist for Analytics India Magazine. When not covering the analytics news, editing and writing articles, she could be found reading or capturing thoughts into pictures.